Gemini joins Coinbase, Block at the Crypto Council for Innovation

on Feb 25, 2022
  • Gemini has become the latest firm to join the Crypto Council for Innovation.
  • The CCI engages government and regulatory bodies in crypto matters.
  • Other members of the CCI include Coinbase, Block, Paradigm etc.

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Gemini has become the latest cryptocurrency firm in the Crypto Council for Innovation (CCI). The CCI comprises cryptocurrency-friendly firms that support lawmakers in regulations concerning the sector.

Gemini joins other firms in the CCI

Gemini will be joining other crypto firms already members of the CCI. These firms include Block, Coinbase, Fidelity Digital Assets, Paradigm and more. The exchange will contribute to boosting the growth of the group and partaking in global leadership.

Ji Kim, the head of policy and regulatory affairs at Gemini, noted that by being part of the CCI, the exchange would work together with lawmakers and other regulatory bodies to fuel the global adoption of cryptocurrencies.

Before announcing the decision to be part of the CCI, Gemini did not reveal any investments in lobbying activities in the United States in 2020. However, between Q3 and Q4 2021, public records in the US Senate reveal that Gemini spent $120,000 with the Sternhell Group. Alex Sternhell was previously a senior policy adviser with the Senate Banking Committee and is currently the public relations firm leader.

The Crypto Council for Innovation

The CCI is an organization founded by Coinbase and Block, formerly Square. The body targets discussions with the relevant government agencies and regulatory bodies on cryptocurrency matters.

In July last year, the CCI hosted a virtual event discussing Bitcoin adoption. The event attracted some of the popular players in the crypto space, including Tesla’s CEO, Elon Musk and former Twitter CEO, Jack Dorsey.

The current CEO at CCI is Warren. In February, he occupied this position, having previously served as the head of blockchain and distributed ledger technology at the World Economic Forum. Coinbase is one of the key players at the CCI. The exchange has also been active in lobbying efforts in the US. It has invested heavily in lobbying for crypto-friendly laws in the US Congress. Coinbase has increased its lobbying spending by over 460% between 2020 and 2021. The spending increased from $230,000 to around $1.3 million, a major rise.